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Suzano Papel E Celulose S.A. Suzano S.A

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Suzano Papel E Celulose S.A. Suzano S.A Suzano S.A. Suzano Papel e Celulose S.A. Unaudited condensed consolidated interim financial information as of September 30, 2019 and Report on Review of Interim Financial Information 1 Report on review of interim financial information To the Board of Directors and Shareholders Suzano S.A. Introduction We have reviewed the accompanying condensed consolidated interim balance sheet of Suzano S.A. and its subsidiaries (the “Group”) as of September 30, 2019 and the related condensed consolidated interim statements of income (loss) and comprehensive income (loss) for the three and nine-month period then ended, and the condensed consolidated interim statements of changes in equity and cash flows for the nine-month period then ended and notes, comprising a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with International Accounting Standard (IAS) 34 - Interim Financial Reporting, of the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review. Scope of review We conducted our review in accordance with Brazilian and International Standard on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard (IAS) 34 - Interim Financial Reporting, of the International Accounting Standards Board (IASB). Emphasis of matter We draw attention to Note 2.2 to these condensed consolidated interim financial information, where it is described that the condensed consolidated interim financial information as of September 30, 2019 is not comparable with the consolidated financial statements as of December 31, 2018 and with the condensed consolidated interim financial information as of September 30, 2018. This is due to the conclusion of the business combination with Fibria Celulose S.A. ("Fibria") on January 3, 2019 (Note 1) and the subsequent merger of Fibria by Suzano at April 1, 2019. Our conclusion is not qualified in respect of this matter. São Paulo, October 30, 2019 PricewaterhouseCoopers José Vital Pessoa Monteiro Filho Auditores Independentes Contador CRC 1PE016700/O-0 CRC 2SP000160/O-5 2 Suzano S.A. Unaudited condensed consolidated interim financial information as of September 30, 2019 (In thousands of R$, unless otherwise stated) Condensed Consolidated Interim Balance Sheet September 30, December 31, Note ASSETS 2019 2018 CURRENT Cash and cash equivalents 5 3,714,646 4,387,453 Financial investments 6 4,897,585 21,098,565 Trade accounts receivable 7 2,058,731 2,537,058 Inventories 8 6,258,364 1,853,104 Recoverable taxes 9 1,235,668 296,832 Derivative financial instruments 4 239,161 352,454 Advances to suppliers 138,127 98,533 Assets held for sale 5,718 Other assets 279,096 169,175 Total current assets 18,821,378 30,798,892 NON-CURRENT Recoverable taxes 9 557,373 231,498 Financial investments 6 177,453 Deferred taxes 11 3,083,218 8,998 Derivative financial instruments 4 677,305 141,480 Advances to suppliers 1,100,257 218,493 Judicial deposits 338,971 129,005 Other assets 201,374 93,935 Biological assets 12 10,280,967 4,935,905 Investments 13 279,263 14,338 Property, plant and equipment 14 41,500,872 17,020,259 Right of use 18.1 4,359,907 Intangible 15 17,968,738 339,841 Total non-current 80,525,698 23,133,752 TOTAL ASSETS 99,347,076 53,932,644 The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information. 1 Suzano S.A. Unaudited condensed consolidated interim financial information as of September 30, 2019 (In thousands of R$, unless otherwise stated) Condensed Consolidated Interim Balance Sheet September 30, December 31, LIABILITIES Note 2019 2018 CURRENT Trade accounts payable 16 3,325,724 632,565 Loans, financing and debentures 17.1 5,091,236 3,426,696 Lease liabilities 18.2 587,910 Derivative financial instruments 4 1,111,477 596,530 Taxes payable 212,378 243,835 Payroll and charges 439,615 234,192 Liabilities for assets acquisitions and subsidiaries 92,098 476,954 Dividends payable 9,904 5,434 Advance from customers 31,925 75,159 Other liabilities 278,615 367,313 Total current liabilities 11,180,882 6,058,678 NON-CURRENT Loans, financing and debentures 17.1 58,929,307 32,310,813 Lease liabilities 18.2 3,946,474 Derivative financial instruments 4 2,865,034 1,040,170 Liabilities for assets acquisitions and subsidiaries 463,835 515,558 Provision for judicial liabilities 19 3,495,447 351,270 Employee benefits 20 592,467 430,427 Deferred taxes 11 589,148 1,038,133 Share-based compensation plans 21 126,425 124,318 Other liabilities 121,798 37,342 Total non-current liabilities 71,129,935 35,848,031 TOTAL LIABILITIES 82,310,817 41,906,709 EQUITY 22 Share capital 9,235,546 6,241,753 Capital reserves 6,419,941 674,221 Treasury shares (218,265) (218,265) Retained earnings reserves 3,081,740 2,992,590 Other reserves 2,348,132 2,321,708 Retained earnings (loss) (3,947,403) Controlling shareholder´s 16,919,691 12,012,007 Non-controlling interest 116,568 13,928 Total equity 17,036,259 12,025,935 TOTAL LIABILITIES AND EQUITY 99,347,076 53,932,644 The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information. 2 Suzano S.A. Unaudited condensed consolidated interim financial information (In thousands of R$, unless otherwise stated) Condensed Consolidated Interim Statements of Income (Loss) Third quarter 9 months YTD July 1 to July 1 to September 30, September 30, September 30, September 30, Note 2019 2018 2019 2018 NET SALES 25 6,599,909 4,005,524 18,963,990 10,214,225 Cost of sales 27 (4,986,414) (1,963,077) (14,933,426) (5,231,572) GROSS PROFIT 1,613,495 2,042,447 4,030,564 4,982,653 OPERATING INCOME (EXPENSES) Selling 27 (469,014) (160,988) (1,367,298) (433,250) General and administrative 27 (278,976) (198,576) (887,772) (549,596) Income from associates and joint ventures 13 15,678 3,990 21,247 3,867 Other, net 27 116,132 47,136 268,447 36,597 OPERATING PROFIT BEFORE NET FINANCIAL INCOME (EXPENSES) 997,315 1,734,009 2,065,188 4,040,271 NET FINANCIAL INCOME (EXPENSES) 24 Financial expenses (1,058,484) (475,378) (3,123,771) (1,035,172) Financial income 108,143 133,722 393,374 215,456 Derivative financial instruments (1,857,397) (1,367,075) (2,236,904) (3,848,539) Monetary and exchange variations, net (3,685,540) (254,257) (3,383,054) (1,421,714) NET INCOME (LOSS) BEFORE TAXES (5,495,963) (228,979) (6,285,167) (2,049,698) Current income taxes 11 (30,414) (97,275) (221,992) (420,147) Deferred income taxes 11 2,066,142 218,646 2,517,641 1,327,747 NET INCOME (LOSS) FOR THE PERIOD (3,460,235) (107,608) (3,989,518) (1,142,098) Attributable to Controlling shareholders’ (3,460,810) (107,780) (3,987,065) (1,142,856) Non-controlling interest 575 172 (2,453) 758 Earnings (loss) per share 23 Basic (2.56504) (0.09854) (2.95508) (1.04524) Diluted (2.56504) (0.09854) (2.95508) (1.04524) The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information. 3 Suzano S.A. Unaudited condensed consolidated interim financial information (In thousands of R$, unless otherwise stated) Condensed Consolidated Interim Statements of Comprehensive Income (Loss) Third quarter 9 months YTD July 1 to July 1 to September 30, September 30, September 30, September 30, 2019 2018 2019 2018 Net income (loss) for the period (3,460,235) (107,608) (3,989,518) (1,142,098) Items that will not be reclassified to profit or loss Exchange rate variation and fair value on financial assets measured at fair value through of comprehensive income Ensyn Corporation (“Ensyn”) (1) 3,156 CelluForce Inc. (“CelluForce”) 1,406 1,938 Spinnova Oy (“Spinnova”) (1) (840) (1,242) Tax effect of the above items (193) (1,310) 373 2,542 Item that may be subsequently reclassified to profit or loss Exchange variation on conversion of financial statements and on foreign investments 66,938 36,964 58,525 176,150 66,938 36,964 58,525 176,150 Total comprehensive income (loss) (3,392,924) (70,644) (3,928,451) (965,948) Attributable to Controlling shareholders’ (3,393,499) (70,816) (3,925,998) (966,706) Non-controlling interest 575 172 (2,453) 758 1) In 2019 the Company revaluated the investment, previously classified as financial investment measured through other comprehensive income, note 3.1.5.
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